Earnest Money Deposit

To show good faith to a seller that you’re a real buyer, a 3% deposit of the purchase price is to be wired to escrow within 3 business days from the time escrow is opened. Escrow will send out wiring instructions once escrow has been opened and funds must be deposited by the 3rd day. Personal checks are no longer recommended as a form of earnest money deposit as most banks place a 10-day hold on the money before releasing it to the escrow account. The initial deposit is a part of your down payment and not an extra cost. The deposit will be returned to you if you decide not to move forward with the purchase during your contingency period as long as you have not removed your contingency.